NEWS: Polhill to flag Isle of Man offshore investment potential

The Isle of Man’s commercial development division has hired Polhill Communications as its first retained PR agency in almost a decade to promote the island as an offshore investment centre.

The Isle of Man’s commercial development division has hired Polhill

Communications as its first retained PR agency in almost a decade to

promote the island as an offshore investment centre.



The commercial development division, part of the Treasury, encourages

financial services firms to settle on the island, but has not used a

regular public relations adviser since the defunct Streets Financial in

the late 1980s.



Commercial development officer Michael Gates explained that a marketing

strategy study commissioned by the division last year had recommended

using a PR agency to help fend off competition from offshore rivals like

Dublin and the Channel Islands.



‘In a very competitive market like ours unless you are prepared to take

the initiative and promote yourself you are dead,’ said Gates. ‘It’s a

fact that others are becoming more competitive and so we need to

publicise more.’



Polhill, which already works for the Isle of Man-based offshore arms of

Tyndall Bank and Scottish Provident, beat off competition from five

other agencies - Focus PR, Dewe Rogerson, Lowe Bell Financial, Tavistock

Communications and local agency High Profile Marketing. The account is

thought to be worth around pounds 70,000 in annual fees.



Polhill will target professional practices, including insurance

companies, banks, fund managers and lawyers through the trade and

national business press, pointing out the advantages of setting up

business on the island.



A Crown dependency with its own system of government and low tax rates,

the Isle of Man draws more than a third of its gross domestic product

from financial services. In recent years it has faced growing

competition from Dublin which benefits from lower corporate taxation and

access to the European Union.



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